Altcoin
Will Optimism’s Bedrock disrupt L2 dominance as Mainnet gets date? Gauging…
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Journalist
- The L2 project will move from the Goeril Testnet to the final Bedrock on 6 June.
- Still, Arbtirum has dominated it in terms of active addresses.
Layer two scaling platform Optimism [OP] has finalized the date for the Bedrock upgrade. According to its official announcement, it would take place on 6 June. The upgrade, which was talked through earlier in the year, would help improve the performance of the Optimism network.
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The deployment may have potential
Besides that, the upgrade, whose Goerli Testnet took place in January, would also contribute to speed, blockchain compatibility, and providing affordable transaction cost.
Despite several attempts at improving its ecosystem, Optimism has been lagging behind Arbitrum [ARB] in various aspects. In terms of the number of transactions on the network, the latter proved again and again that it was far ahead of the former.
On looking at the active addresses over the last 30 days, Santiment showed that Optimism has not fared well in that aspect.
Active addresses show the level of speculation around a token, and the rate at which market participants have contributed to transactions on the network. With the metric at 119,000, it means that crowd interaction has been extremely minimal since OP succumbed to the attention investors gave to ARB.
Although Arbitrum has suffered the same fate with a decline within the same timeframe, it differed from the downturn of its opposite number. At press time, its active addresses had decreased to 447,000. But nonetheless, the project still had the upper hand over Optimism.
Source: Santiment
TVL still down
However, there is a chance that the full implementation of the Bedrock upgrade could drive users back to OP. As recent as the previous week, Ethereum [ETH] gas fees have been incredibly outrageous. The emergence of memes via the Arbitrum network also impacted the surge.
So, in a situation where Optimism could offer better transaction costs, Arbitrum could face fierce competition with respect to adoption.
Despite a 73.9% hike in daily transactions per second, the Optimism Total Value Locked (TVL) has been hit with a severe drop. According to L2BEAT, the TVL of the Ethereum Virtual Machine (EVM)- compatible project was $1.71 billion.
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The TVL measures the health of a protocol by gauging the level of smart contracts’ interaction with it. Thus, the decline implied how Optimism has been starved of unique deposits from investors.
Source: L2BEAT
In conclusion, Optimism gave some pointers to prepare for the Bedrock upgrade. According to the announcement, deposits and withdrawals would be paused for some time — possibly between two to four hours. This would allow nodes to be effectively distributed on the new network.
